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CAO seizes Medical Syndicate’s accounting documents - Daily News Egypt

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CAO seizes Medical Syndicate’s accounting documents

Egyptian Medical Syndicate gave out EGP 25m in off-the-record loans and accepted donations from uncertified companies

The Central Auditing Organization (CAO) has seized several accounting documents from the Egyptian Medical Syndicate (EMS) after noticing some irregularities with the transactions foreign currencies amounting to EGP 25m during the fiscal year 2011/2012.

In an official statement, the EMS said the CAO requested these documents after noticing EGP 25m had been illegally transferred to some doctors through personal loans and bonuses without documentation.

During the same fiscal year, the EMS also unofficially accepted donations from uncertified companies in Lebanon and Turkey, also without being recorded in the accounting documents.

“These loans were given to these doctors without proper guarantees that they’ll be repaid,” said Hossam Kamal, rapporteur for EMS’s media committee.

Khalid Samir, the syndicate’s treasurer, said these transactions, which were carried out in foreign currencies, “were illegally made without being supervised by the Central Bank of Egypt.” The CAO had intended to refer a similar case to the public prosecutor last week, but the accounting documents in question have since disappeared.

“Some of the donating companies didn’t have any documentation from the countries of origins,” Samir said, adding that “several attempts were made to contact these companies, however, they failed.”

Kamal said some of the EGP 25m that the syndicate lost in personal loans was returned in the form of donations.

“These unofficial financial transactions were made to benefit the Muslim Brotherhood,” Kamal said.

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